The New Canaan real estate market has been an interesting ride this year with fits and starts. Record low interest rates and realistic listing prices have resulted in increased sales within the higher price ranges. Of the 179 single family homes sold so far, 6 have sold over 5 million, 7 houses have sold in the 4 million bracket and 17 have closed over 3 million. In 2010 there were a total of 17 homes that sold over $3 million dollars. Land sales have also increased with 25 lots sold to date and ranging from $275,000. for a .12 acre parcel on Sunrise to $1,550,000 for 2 acres on West Road. The majority of sales in this category are end users with only a few builders dipping their toes back into the waters of spec. building. Condominiums sales are on par with last years numbers with 40 units closed to date. However, no sales have occurred over $1 million dollars compared to last year where a total of 43 units sold with 3 condominiums selling over that number. In addition, there are 24 properties currently pending which should close in the next month or two.
The fall real estate sales are also ones to watch. They start right after Labor Day and goes through to Thanksgiving. Buyers are out looking and kicking tires, but the volatility in the stock market and general uncertainty is slowing down a traditionally healthy market place.